Shareholders wave through Informa’s £3.9bn bid for UBM
Informa is now waiting on approval from the competition watchdog.
Publishing group Informa has received approval from shareholders for its takeover of rival UBM, paving the way for it to create the largest business-to-business events group in the world.
The £3.9 billion takeover was approved by 99% of votes cast by Informa’s shareholders at a general meeting on Tuesday. In a separate meeting, the overwhelming majority of UBM shareholders also backed the merger.
Informa must now wait for the all-clear from the Competition and Markets Authority, but said it was “confident” the deal would close by the end of the second quarter.
Stephen Carter, group chief executive of Informa, said: “We are encouraged by the strong support from shareholders of both companies for this combination, which will create a leading, international B2B (business-to-business) information services group.”
Under the cash-and-shares offer, Informa investors will own 65.5% of the company and UBM shareholders 34.5%.
Informa, which specialises in business intelligence, academic publishing and events, hopes to save £60 million a year from its tie-up with UBM.
Redundancies are expected as a result of the merger. However, Informa has said there will be relatively few job losses from the combined workforce of 11,000.
Mr Carter will be the chief executive of the combined group, and Informa chairman Derek Mapp will stay in his role as head of the board of directors.
Patrick Martell, the chief executive of Informa’s business intelligence division, will lead UBM as an operating unit when the two companies have integrated.
UBM used to own a range of print titles, including Express Newspapers and Property Week, but the company sold its last magazine title, industry publication Building, at the end of last year.
The firm now focuses on events, such as fashion shows and jewellery expositions.